Top Tier reaches halfway on Fund VII fundraise

The venture capital specialist has collected $202m toward the fund’s $404m target.

Top Tier Capital Partners has reached the halfway point for its latest venture capital fund of funds, Secondaries Investor has learned.

Top Tier Venture Capital Fund VII has collected $202 million toward its $404 million target, according to documents filed with the US Securities and Exchange Commission last week. The amount raised includes a general partner commitment. The firm declined to comment.

Top Tier invests in primary and secondaries venture capital funds, as well as co-investments. Earlier this month, Secondaries Investor reported Top Tier would make future venture capital secondaries investments on a pro rata basis – deploying capital from its flagship fund (Fund VII) and its debut Top Tier Venture Velocity Fund that is also in market.

Top Tier Venture Velocity Fund is the firm’s first vehicle dedicated entirely to secondaries and co-investments. The fund is targeting $200 million, having held a first close on $102 million earlier this year, and will invest alongside the flagship fund. Between 10 percent of 20 percent of the flagship fund will invest in secondaries and co-investments, a source familiar with the matter previously told Secondaries Investor.

Top Tier’s prior flagship fund closed on $445 million in 2012, according to PEI’s Research and Analytics division. Limited partners in the fund include the Ohio Public Employees Retirement System and Los Angeles-based LA84 Foundation.

The San Francisco-based firm has invested with managers including Akkadian, Index Ventures and Orchid Asia, according to its website. The firm is led by chief executive officer David York and non-executive chairman Philip Paul.